HomeMy WebLinkAboutR83-661RESOLUTION NO. R83-661
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PlAIN-VIEW,
TEXAS PERMITTING PLAINVIEW FIREFIGHTERS WHO ARE MEMBERS
OF THE PLAINVIEW FIREMEN' S RELIEF AND RETIREM~%~ FUND
TO DEFER FEDERAL /NCOME TAXES ON %~EIR MONTHLY CONTRIBU-
TIONS TO THE PENSION FUND FROM THE TIME CONTRIBUTIONS
ARE ~i~DE TO THE LATER TIME BENEFITS ARE RECEIVED FROM
THE FUND. THIS RESOLUTION IS PASSED ON AN EMENSENCY
DUE TO THE SHORP TIME REMAINING TO NOTIFY THE TEXAS
SECRETARY OF STATE OF SAID ACTION.
WHEREAS, the City Council of the City of Plainview recognizes the
desirability of enabling its firefighters to defer payment of apart of
their federal income taxes; and
WHEREAS, the State Fireman's Relief and RetireraentLaw in H.B. 1679
by Salinas was amended by the 1983 Session of the Texas Legislature to
permit firefighters to defer payment of federal income taxes on their
monthly contributions to the pension fund; and
WHEREAS, the firefighters etectedthis income tax deferral option
by amajority of the twenty-nine (29) participating members of the fund,
voting by secret ballot, on September 5, 1983. Twenty-nine (29) voted in
favor of income tax deferral and none (0) voted against this change. The
twenty-nine (29) voting in favor constituted amajority of the members
participating in the fund; and
WHEREAS, the Board of Trustees of the pension fund has received an
Internal Revenue Service determination that the firefighter's pension
plan is a qualified retirement plan under Section 401 (a), Federal
Intenal Revenue Code, and its related trust is tax exemptunder
Section 501 (a), Federal Internal Revenue Code:
NOW, THEREFORE BE it resolved bythe Mayor and City Council of the
City of Plainview, Texas that the firefighters be permitted to defer
federal income taxes under the terms of Section 10F (a) and Section
10F (b) of the State Firemens Relief and Retirement Law as has.been
detenmined by the Internal Revenue Service that the firefighter's
pension plan is a qualified retirement plan. Because this notification
must be submitted to the Texas Secretary of State on or before January 1,
1984, this Resolution is hereby passed as an emergency.
P~SED A~ APPROVED this the 20th day of December, 1983.
E. ~. RIDLEHUBER, Mayor
~TER S DODSON, City Clerk